This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

Diamond Creek Condo A 15675 Milan Ln

39 Unit Apartment Building $22,800,000 ($584,615/Unit) 3.17% Cap Rate Morgan Hill, CA 95037

Investment Highlights

  • Currently 39 individual condo units in one building.
  • Each condo unit has an individual APNs of 767-56-001 through 767-56-039

Executive Summary

39 Individual condo in 1 building for sale in Morgan Hill, CA. Currently used as an investment property by the Seller. Individual condo can be sold separately after November 23, 2025 as restriction was put on the subject property when it was built in 2015. No BMR (Below Market rate) required by the City of Morgan Hill. Seller estimated market value of condo if individually sold at $30,000,000 +/- total. Each Unit is separate water and electric meter. Club House, Swimming Pool, Fitness Center and Children Play Structure in common area for the use by tenants / ownership.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $22,800,000
Price Per Unit $584,615
Sale Type Investment
Cap Rate 3.17%
Sale Conditions Bulk/Portfolio Sale
Gross Rent Multiplier 16.85
No. Units 39
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 0.04 AC
Building Size 44,487 SF
Average Occupancy 94%
No. Stories 3
Year Built 2015
Parking Ratio 2.79/1,000 SF

Amenities

  • Smoke Detector

Unit Amenities

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Disposal
  • Fireplace
  • Washer/Dryer
  • Heating
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • Refrigerator
  • Range
  • Carpet
  • Window Coverings

Site Amenities

  • Clubhouse
  • Fitness Center
  • Playground
  • Pool
  • Elevator

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 6 - 796 - 841
2+2 27 - 1,018 - 1,250
3+2 6 - 1,420
Bike Score ®
Very Bikeable (72)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

zoning

Zoning Code RAM-PD (Residential attached medium density-planned development combing district.)
RAM-PD (Residential attached medium density-planned development combing district.)
  • Listing ID: 33663841

  • Date on Market: 10/28/2024

  • Last Updated:

  • Address: 15675 Milan Ln, Morgan Hill, CA 95037

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}